5-building Thunderbird Business Park

5-building Thunderbird Business Park portfolio sells for 1st time in 20 years

Real Estate | AZRE 

Phoenix-based Citywide Commercial Real Estate has completed  the $7 million acquisition of a five-building industrial portfolio located on just over 7 acres within Thunderbird Business Park, at the  southeast corner of Indian School Road and 31st Avenue in Phoenix.

The buildings were last sold nearly 20  years ago in 2003. The new owner, El Camino Investment Co., plans to  complete improvements to modernize the portfolio and further enhance its  presence in the community. 

Adam Shteir, Todd Hamilton and Chad  Kirkorsky at Citywide represented the buyer in the acquisition. The  seller is Northgate – 72 LLC.

Citywide serves as the exclusive leasing  and property management firm for the Thunderbird Business Park buildings  and will continue to do so under the portfolio’s new ownership.

“This purchase demonstrates the long-term  stability and investment strength of the Phoenix metro industrial  market,” said Shteir. “We have had this property assignment for 20 years  and have watched local industrial demand skyrocket over that time. We  look forward to a continued strong relationship with the tenants at  Thunderbird Business Park and promoting this neighborhood for small  business owners.”

The Thunderbird Business Park portfolio  totals 86,268 square feet across five single-story, multi-tenant office,  retail and industrial buildings. It includes 35 individual suites,  which are 100 percent occupied primarily by small business owners and  long-term tenants. It is part of the larger seven-building Thunderbird  Business Park.

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